Reno done right keeps home value high

Whether you’re looking to upgrade the 70s splashback in your kitchen or ditch your avocado-coloured bathroom straight from the 80s, It can be tempting to pursue minor renovations to improve the resale value of a property.

Yet the chronic shortage of materials and labour is currently outstripping the demand for home upgrades.

According to Ray White Lancelin Principal and Licensee Caroline Daniel, it’s all about upgrading your home bit by bit to keep its value up.

“It’s not only about house maintenance, it’s about upgrading for the changing lifestyle habits for years to come,” she said.

“You have to think about the resale value before you build or do any major renovation work.”

Selling predominantly holiday homes in suburbs such as Ledge Point, Seabird and Lancelin, Ms Daniel has seen first-hand the value in home upgrades to improve the overall liveability of a property.

“It’s all down to buying culture,” she said. “Buyers want to see a home that is presentable, even if it’s an old house,” she said.

“If it’s presentable and has character, straight away it’s easier to sell.”

Bathrooms, kitchens and entertaining areas are all high on everyone’s renovation lists, according to Ms Daniel.

“The bathroom and kitchen need to be modernised along with the outdoor areas,” she said.

“People love to renovate their outdoor setting – even in the city. If homeowners can’t get away to the countryside, they want to invite a nature space into their homes.

“In the area I work, having a big shed is also a huge plus for any property.”

According to Realmark Coastal Director and Sales Associate Sean Hughes, a shortage of housing stock is forcing buyers to get creative in their renovations.

“What I’m seeing at the moment is down to a lack of available choice in the rental market,” he said. “People are having to accept a home that isn’t perfect for them.

“Some buyers might say they need a four-by-two but there may be nothing available in the particular suburb they’re after, so they end up purchasing a three-by-one and add a bedroom or bathroom on.”

Any type of renovation work is a difficult task in today’s climate, according to Mr Hughes, with long waitlists for labour services.

“Trades at the moment are challenging when looking at renovations,” he said. “The tradesmen are very busy and the prices have been creeping up.”

For many the joy of taking something old and making it new again is an exciting project, but home renovations aren’t for everyone.

“There are people who have done several renovations before, so when it comes to buying a home once again, they are more so on the lookout for a completely finished home, as they don’t want to do the work again,” Mr Hughes said.

“You also have the renovation rescue couples who love doing it and live for the renovation – they can see the vision that others can’t.”

Sharing a similar view to Ms Daniel, Mr Hughes said buyers were taking the time to upgrade their outdoor areas.

“Australians are outdoor-living people – we love our barbecues, decked areas and pools,” he said.

“People aren’t going out as much due to COVID-19, so the kitchen and outdoor kitchen space is really having a resurgence.”